Photo: Mark Faviell/Flickr
For the fourth straight month more than 3,000 homes changed hands across the Vancouver region.
According to the Real Estate Board of Greater Vancouver, 3,061 homes sold on the Multiple Listing Service in July, a 3.9 per cent increase compared with the same period last year, and 3.8 per cent above the 10-year sales average of 2,948 for July.
“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real estate market,” said REBGV president-elect Darcy McLeod.
The benchmark index price for all residential properties in the region hit $628,600, a 4.4 per cent increase from July 2013. The sales-to-active-listings ratio, meanwhile, reached 19.6 per cent. The ratio has ranged between 18 and 20 per cent over the last four months.
“The Greater Vancouver housing market continues to see slightly elevated demand from homebuyers, steady levels of supply from home sellers and incremental gains in home values depending on the area and property type,” said the REBGV in a release.
To demonstrate the price variation among individual regions in the Greater Vancouver housing market, here’s a look at the benchmark price for all property types across eight different areas.
Other highlights from the report
- The benchmark price of a single-family home on Vancouver’s West Side climbed 9.9% year-over-year and now sits at a whopping $2,273,600
- The benchmark price of a condo in Whistler is $191,000, a -14.7% drop from July 2013
- Burnaby East’s condo market posted the biggest year-over-year price gain in July, rising 11.7% to $413,600
- Townhome values were up across the board in Greater Vancouver except in Maple Ridge where the benchmark price dropped -2.1% to $266,600